Gazprom Neft, Total form JV to produce modified bitumen in Russia

Gazprom Neft has signed an agreement with France-based Total to form a joint venture to produce and sell modified bitumen. Both companies will have a 50% stake in the venture, which plans to build a special bitumen production facility at Gazprom Neft's Moscow oil refinery.

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By JAMES MARSON

MOSCOW -- Gazprom Neft has signed an agreement with Total to
form a joint venture to produce and sell modified bitumen and
bitumen emulsions on the Russian market, Gazprom Neft said in
a statement.

Each partner will have a 50% stake in the joint venture,
which will build a special production facility at Gazprom
Neft's Moscow oil refinery.

The facility will have a capacity of 60,000 Mt of polymer
modified bitumens and 7,000 tons of bitumen emulsions per
year.

Dow Jones Newswires

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